The humble idea that experts are ordinary human beings leads to surprising conclusions about how to get the best possible expert advice. All too often, experts have monopoly power because of licensing restrictions or because they are government bureaucrats protected from both competition and the...

The assumption of asymmetric and incomplete information in a standard New Keynesian model creates strong incentives for monetary policy transparency. We assume that the central bank has better information about its objectives than the private sector, and that the private sector has better...